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Chinese local government entities have carried the mantle of cornerstone investors in first-time stock offerings in Hong Kong in the past two years as foreign investors shun deals. Their outsize role could work against the city’s capital market, market experts say.
The Chinese financial hub just posted its worst first quarter for IPO proceeds in 15 years. With China’s economy stumbling and new local security laws deterring global investors, can anything stop the rot?
Lack of interest has more to do with lacklustre IPO activity than the reform per se, which will draw more interest when listings pick up, analysts say.
China’s major stock exchanges are facing a tough start to the year as proceeds from initial public offerings in Hong Kong, Shanghai and Shenzhen shrink. US exchanges are strengthening their lead and ranking.
Shares of Alibaba-backed Robosense Technology fell 2% on its Friday debut in the first new listing on the Hong Kong stock exchange this year. Robosense, a…